Mahindra & Mahindra's Two-Wheeler Unit Slapped With CGST Penalty
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Automotive giant Mahindra & Mahindra‘s subsidiary Mahindra Two Wheelers has been hit with a penalty of ₹33.95 lakh under the Central Goods and Services Tax (CGST) Act.

What Happened: The Office of the Joint Commissioner, CGST & Central Excise Ujjain Commissionerate, Madhya Pradesh issued the penalty notice, as per a stock exchange filing. The order was received by the company on Monday.

See Also: Apples Foxconn And 27 Other Major Tech Companies Set To Expand In India With Government Subsidies Re

The penalty came into effect due to discrepancies with the two-wheeler business, which was earlier separated from MTWL and later merged with Mahindra & Mahindra. The penalty was imposed based on the accusation that the closing balance of input credit from the pre-GST period was wrongly carried forward into the GST era.

Mahindra & Mahindra said it remains positive about the situation. The company plans to appeal against the order and does not anticipate any substantial financial impact from it.

Price Action: The ruling did not have much of an impact on Mahindra & Mahindra’s stock, which was up 0.6% at ₹1,561.45 around noon on Tuesday.

Read Next: Vijay Kedia Backed Micro Cap Stock Surges 35 In 2 Days After Bagging 580 Cr Orders

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...